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When you borrow money from someone, it’s important to pay it back as agreed. FNB makes it easy with multiple personal loan options.
You can enroll in this service within the FNB Mobile App or Online Banking by accessing “Alerts & Mobile Banking”. Your Security Credentials will be the same for both services.
Installment Loans
Whether you’re purchasing your first home, planning for an upcoming wedding or simply need to pay off your credit card debt, taking out an installment loan can be a good option. However, it’s important to understand the pros and cons of these types of loans before you apply.
When you borrow money with an installment loan, you’ll receive all of the funds upfront, and then you’ll repay the lender in regularly scheduled payments-also known as “installments” — over a fixed period. In most cases, the term of an installment loan is several months or even years. In addition, most installment loans come with a fixed interest rate, so you’ll know from the start how much your monthly payments will be and when you’ll be paid off.
One drawback of an installment loan is that you can’t increase your total loan amount at a later date, as you can with some revolving credit accounts, like credit cards. Additionally, some lenders may charge a prepayment fee if you decide to pay off your loan early, so be sure to research any prospective loan terms and fees before applying. Regardless of your financial needs, our FNB personal bankers can help you determine the right loan for you. Visit a branch near you to learn more or get started today.
Line of Credit
Whether you need a one-time advance of cash or want to avoid costly overdraft fees, we offer several personal line of credit options to meet sanlam loans online your needs. Secured by the equity in your home, this revolving line of credit gives you access to funds when you need it and you only pay for the amount you use. Talk with a banker for details and competitive rates.
An FNB loan specialist will discuss your options and recommend the best type of financing to help meet your personal needs, including purchases, debt consolidation and more. These loans are not secured by a mortgage and interest is not tax-deductible. Keep your loan up to date and qualify for a well-deserved payment break each January (terms & conditions apply). Your payments may be made through scheduled transfers from your checking or savings account, the FNB App, Online Banking, Cellphone Banking or in-branch.
Consolidation Loans
A debt consolidation loan rolls multiple debts into a single installment loan with one monthly payment and a fixed interest rate. It may make sense for people with high-interest credit card debt or other debts that have a high-interest rate, such as unpaid student loans or medical bills. But you should only consider this type of personal loan if you can feasibly afford the monthly payments and if it has a lower interest rate than your old debts.
A personal loan can be obtained through a bank, credit union or online lender. You will need to provide a credit application that includes information about your income and debts. You will also need to submit verification documents to show that you are who you claim to be. Many lenders do not allow you to apply for a debt consolidation loan if your credit score is below 700.
A debt consolidation loan can be used for a variety of purposes, including home renovations and personal purchases. However, you should only use this type of loan if you can comfortably repay the debt within a year or two. A debt consolidation loan will result in a hard credit inquiry, which can impact your credit score. The best way to protect your credit score is by making all debt consolidation loan payments on time.
Credit Cards
If you are looking for a credit card that will allow you to control your spending and build your credit score, FNB can help. Our personal cards are a great way to manage unanticipated expenses or emergency expenses, plus you can earn rewards for all of your purchases. Our bankers will be happy to explain the different types of credit cards available and answer any questions you may have.
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Personal loan account holders that are up to date on their monthly payments will automatically receive a payment break every January. Those who choose not to take a payment break will continue paying their monthly instalments, thereby settling their loans faster and saving on interest fees. This offer is valid for personal loans with repayment terms of 6 months or more and is subject to credit approval.